6
comments:

Anonymous
said...

Hi AK,

May I know what are your thoughts on Noble?Today's lowest price hit 1.085.From my charts, it seems to support is at 1.055.This counter moves in a wave pattern recently and it looks ripe to make the next wave.

The lower high and lower low formed recently suggest weakness. Indeed, the lowering MFI suggests continuing weakness in demand.

The MACD has been rising but in negative territory and has completed a bearish crossover with the signal line since flatlining last month. This suggests that any upward movement in price is a rebound. Immediate resistance is provided by the 20dMA at $1.145.

In case of a decline, $1.055 could provide some support but as the downtrend is pretty much intact, we need to see the momentum oscillators showing some strength from the bulls. Otherwise, a lower low could form.

Wisdom to tap on.

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